Abu Dhabi investment company Q Holding and Egypt's Ora Real Estate Development Group have signed a partnership agreement to develop a smart and sustainable city in the Ghantoot area of the UAE capital.
The mixed-use project will span more than 20 million square metres with residential, hotel, cultural, commercial, sporting and recreational services, the companies said in a joint statement on Monday.
It will "focus on renewable energy and sustainability", the statement added.
The financial details of the project were not disclosed.
The project is part of Q Holding's plans to expand its property investment portfolio in the UAE, company chairman Abdulla Al Hamed said.
The partnership will support Abu Dhabi's local economy, encourage property investment and attract investors, he said.
The UAE's property market has recovered from the coronavirus pandemic on the back of government drives, higher oil prices and other measures to support the economy.
Abu Dhabi's property sector grew 20.3 per cent annually in the first nine months of the year on a rise in investor interest in waterfront and island communities, the Abu Dhabi Media Office said this month, citing the latest data released by the Statistics Centre Abu Dhabi (Scad).
Several new waterfront developments have been launched in the emirate in recent months, including on Jubail Island, Saadiyat Island and Reem Island.
The emirate's property market recorded 4,441 transactions worth $5.7 billion in the three months to September, according to a report by the Department of Municipalities and Transport.
Established in 2005, Q Holding operates across sectors such as property, services and hospitality, and has diversified investments through its subsidiaries.
The company, formerly known as Al Qudra Holding, has been expanding its portfolio and in June acquired a 100 per cent stake in Reem Investments for Dh5.8 billion.
Egypt's Ora has a diversified property portfolio with a sales value of more than $12 billion across residential, hotel, cultural and recreational projects in Egypt, Greece, Cyprus, the Caribbean and Pakistan.
The company will leverage its experience to ensure the successful development of the Ghantoot region, said Naguib Sawiris, Ora's founder and chief executive.
"The vision for the development of the Ghantoot region is to establish a world-class city that provides a sustainable community fabric based on renewable energy and smart cities' technological development", the statement said.
Q Holding and Ora aim to create a "model for future sustainable integrated city developments", it added.
